Markets posted strong gains across the board last week, encouraged a report which revealed inflation in the US slowed more than expected. The blue-chip S&P 500 and technology focussed Nasdaq gained 2.6% and 4.1% respectively.
Concerns that more interest rate hikes are needed to tame inflation has hung over markets for the past 18 months but the US inflation report for June provides some hope that there is light at the end of the tunnel.
The annual increase in headline consumer price index slowed to 3.0%, the smallest increase in more than two years and lower than consensus forecasts of 3.1%. Gasoline prices picked up 1% from May, but are 27% lower than a year ago, and grocery price inflation slowed to 4.7%.
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